Dodge & Cox Portfolio holdings
Dodge & Cox, founded in 1930 by Van Duyn Dodge and E. Morris Cox in San Francisco, California, is an independent, employee-owned investment management firm renowned for its disciplined, value-oriented approach to long-term investing. Managing over $350 billion in assets as of late 2024, the firm offers a concise lineup of mutual funds and separate accounts focusing on U.S. and international equities, fixed income, and balanced portfolios, serving individual and institutional investors with a low-turnover, research-driven strategy. Known for its team-based decision-making and contrarian stance—buying undervalued securities others overlook—Dodge & Cox has maintained a consistent philosophy through decades, avoiding trend-chasing and emphasizing fundamentals, even during market volatility like the 2008 crisis. With a tight-knit team of about 300 employees and no proprietary trading, the firm’s commitment to simplicity, low fees, and client alignment has earned it a loyal following and a reputation as a steadfast player in asset management.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Brookfield
BN
|
+$1.88B |
| 2 |
Aon
AON
|
+$1.53B |
| 3 |
Willis Towers Watson
WTW
|
+$1.08B |
| 4 |
FISV
Fiserv Inc
FISV
|
+$908M |
| 5 |
TransUnion
TRU
|
+$809M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
BNY
Bank of New York Mellon
BNY
|
+$999M |
| 2 |
ECHO
EchoStar
ECHO
|
+$958M |
| 3 |
CVS Health
CVS
|
+$841M |
| 4 |
Bank of America
BAC
|
+$705M |
| 5 |
Capital One
COF
|
+$656M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 23.7% |
| 2 | Financials | 19.44% |
| 3 | Industrials | 13.02% |
| 4 | Communication Services | 11.33% |
| 5 | Technology | 11.32% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Dominion Energy
D
$58.8B
| $1.3B | 0.7% |
22,149,918
-630,115
| -3% | -$38M |
|
52
T-Mobile US
TMUS
$193B
| $1.26B | 0.68% |
6,185,972
+2,442,450
| +65% | +$518M |
|
53
Cognizant
CTSH
$28B
| $1.24B | 0.67% |
14,983,337
-1,218,305
| -8% | -$91.1M |
|
54
Novartis
NVS
$299B
| $1.24B | 0.67% |
9,014,641
-1,570,504
| -15% | -$206M |
|
55
Suncor Energy
SU
$76.8B
| $1.21B | 0.65% |
27,257,754
-214,200
| -0.8% | -$9.05M |
|
56
Coupang
CPNG
$29.7B
| $1.16B | 0.63% |
49,233,320
+2,285,600
| +5% | +$65M |
|
57
Credicorp
BAP
$30.4B
| $1.11B | 0.6% |
3,870,940
-1,028,775
| -21% | -$272M |
|
58
Baxter International
BAX
$13.7B
| $1.09B | 0.59% |
56,999,970
-396,400
| -0.7% | -$7.93M |
|
59
American Electric Power
AEP
$67.2B
| $1.08B | 0.58% |
9,342,540
-180,976
| -2% | -$21.4M |
|
60
Archer Daniels Midland
ADM
$38.6B
| $982M | 0.53% |
17,084,645
+2,016,101
| +13% | +$120M |
|
61
Cemex
CX
$15.8B
| $974M | 0.53% |
84,794,670
-11,939,700
| -12% | -$124M |
|
62
ConocoPhillips
COP
$157B
| $963M | 0.52% |
10,290,169
-36,831
| -0.4% | -$3.33M |
|
63
Molson Coors Class B
TAP
$7.85B
| $869M | 0.47% |
18,610,924
-20,300
| -0.1% | -$936K |
|
64
BioMarin Pharmaceuticals
BMRN
$12.7B
| $866M | 0.47% |
14,572,384
-114,417
| -0.8% | -$6.23M |
|
65
Teledyne Technologies
TDY
$29.4B
| $861M | 0.46% |
1,685,340
+4,378
| +0.3% | +$2.31M |
|
66
Fox Class A
FOXA
$29.3B
| $849M | 0.46% |
11,613,443
-1,538,526
| -12% | -$101M |
|
|
67
TransUnion
TRU
$16.2B
| $844M | 0.46% |
+9,842,006
| New | +$809M |
|
68
Neurocrine Biosciences
NBIX
$15.9B
| $781M | 0.42% |
5,508,042
-48,576
| -0.9% | -$7.04M |
|
69
Alnylam Pharmaceuticals
ALNY
$32B
| $781M | 0.42% |
1,964,415
-356,815
| -15% | -$158M |
|
70
HP
HPQ
$27.9B
| $769M | 0.42% |
34,503,131
-180,200
| -0.5% | -$4.59M |
|
71
Adobe
ADBE
$109B
| $758M | 0.41% |
2,164,475
+570,969
| +36% | +$194M |
|
72
Medtronic
MDT
$118B
| $743M | 0.4% |
7,738,043
+12,972
| +0.2% | +$1.26M |
|
73
VF Corp
VFC
$5.46B
| $735M | 0.4% |
40,679,850
-297,550
| -0.7% | -$4.82M |
|
74
LyondellBasell Industries
LYB
$20.2B
| $731M | 0.39% |
16,879,077
-89,985
| -0.5% | -$4.08M |
|
75
Carrier Global
CARR
$48.4B
| $709M | 0.38% |
13,421,292
-6,405
| -0% | -$356K |
|
Similar funds
Dodge & Cox's Q4 2025 Portfolio in Review
As of Q4 2025, Dodge & Cox held 228 positions worth $185B, down 0.04% from $185B the previous quarter. Its ten largest holdings account for 27% of the portfolio.
Dodge & Cox's Q4 2025 filing shows 9 new, 38 increased, 121 reduced and 6 closed positions. Its largest new stake was Brookfield: 41,280,320 shares worth $1.89B. The largest sale was Bank of New York Mellon, an estimated $999M.
By sector, the portfolio is most concentrated in Healthcare at 24% of assets, down from 24% a quarter earlier, followed by Financials and Industrials.
- Dodge & Cox's largest Q4 2025 buy was Brookfield: 41,280,320 shares worth $1.89B.
- Dodge & Cox added most to Aon in Q4 2025, an estimated $1.53B increase.
- Dodge & Cox's biggest Q4 2025 reduction was Bank of New York Mellon, cutting an estimated $999M.
- Dodge & Cox fully exited Teck Resources in Q4 2025, selling an estimated $345M.
- Dodge & Cox's ten largest holdings make up 27% of its $185B portfolio in Q4 2025.
- Dodge & Cox opened 9 new positions and closed 6 in Q4 2025.
- Dodge & Cox's portfolio value fell 0.04% quarter-over-quarter to $185B.
Based on Dodge & Cox's 13F filing for Q4 2025, filed 13 Feb 2026.